Success! Greece’s unemployment rate fell to 24.6% in the second quarter of 2015. Second quarter is April, May, June when traditionally the tourism industry gets boosted. What is odd is that the monthly statistics of unemployment were not that low and therefore one could raise the question:
If unemployment was 25.5% in April, 25% in May and 25.2% in June, who comes that the average rate for these three months is 24.6%?
According to Reuters, the discrepancy is to be explained with the fact that it is “based on different samples. Quarterly figures are not seasonally adjusted,” while monthly figures are indeed seasonally adjusted.
Reuters stresses too that
“Greece’s economy expanded by 0.9 percent in the second quarter, helped by consumer spending and net exports. But it is seen sliding back into recession in the second half of the year.”
Blame the capital controls, blame the uncertainty over the agreement with the lenders, blame the sun and the summer heat…
I am really curious to see the unemployment rates in July, seasonally adjusted or not it makes no difference. Then under the shock of capital controls, lots of employers sent their employees home, had them work 1 or 2 days per week…. but Hey! They were not registered as unemployed!
PS the one who will find his way through the labyrinth of Greek Statistics will get an award: A souvlaki skewer with pita or plan bread slice or something… ’cause of capital controls, you know…